29.01.2013 - Belgian cell therapeutics developer Bone Therapeutics SA has secured €7.7m in a Series D financing.
The Gosselies-based company raised €6.1m from existing investors plus €1.6m in grant subsidies from the Walloon Region. Bone Therapeutics announced that they will use the fresh capital to accelerate its bone cell therapy programmes, especially its Phase III lead product PREOB®, an autologous bone-forming (osteoblastic) cell therapy for the treatment of osteonecrosis and non-union fractures.
The company announced it will also use the funds to push the development of two preclinical products. ALLOB® is an allogeneic bone cell therapy product, which is expected to enter the clinic in 2013. MXB is a preclinical combined cell-matrix product for the treatment of large bone defects. All cellular therapies of the Belgian company require a minimally invasive administration technique, avoiding the need for surgery.
The Series D round was supported by Nausicaa Ventures, BAMS Angels Fund I and Life Science Research Partners as well as the Société Régionale d'Investissement de Wallonie (SRIW) and Sambrinvest, two supportive Walloon Region controlled minority shareholders. According to Bone Therapeutics, the bone disease and reconstruction market is one of the largest healthcare markets in the world, with more than 4 million procedures requiring bone grafts performed annually in Europe and the USA alone but few players that address bone regeneration.